M&A

M&A

Gokaldas Exports to buy out Dubai-based garment firm Atraco for $55-M

Press Release   Economic Times  

Publicly listed, Bengaluru-headquartered Gokaldas Exports, through its wholly owned subsidiaries, is to acquire Atraco Group, a Dubai-based manufacturer of apparel with customer relationships across the US and Europe. The equity value of the transaction is USD 55 million. The transaction will comprise acquisition of shares and assets Founded in 1986, Atraco has four manufacturing units in Kenya and one in Ethiopia producing about 40 million garments annually. Atraco's product range includes shorts, pants, shirts, t-shirts, blouses and dresses catering across age groups. The group's revenue stood at about USD 107 million with a profit after tax of USD 7.2 million for the calendar year 2022.